German economy now in recession

2008-11-13 01:29:35

#1

ELITE-UK: Scratching my back; +170|6779|SHEFFIELD, ENGLAND

http://news.bbc.co.uk/1/hi/business/7726162.stm

'Germany has entered a recession after government figures showed that the country's economy contracted by 0.5% in the third quarter.'

The UK is next.

2008-11-13 01:34:49

#2

Scorpion0x17: can detect anyone's visible post count...; +691|7070|Cambridge (UK)

ELITE-UK wrote:
http://news.bbc.co.uk/1/hi/business/7726162.stm

'Germany has entered a recession after government figures showed that the country's economy contracted by 0.5% in the third quarter.'

The UK is next.

What do you mean next???

(yeah, ok, I know, it's not a 'recession' until it's been for X number months...)

2008-11-13 04:07:45

#3

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6457|what

Our economy looks like it will very narrowly miss a recession, but only because we've been able to ride a mineral boom and export coal\uranium\whatever else like crazy to the Chinese.

They just announced a bailout and could go into a really slowed growth period but don't look like going into a recession either. They are too big to fail (literally). There's always going to be growth with such a huge population.

The domino effect is well in motion though.

2008-11-13 04:18:41

#4

usmarine: Banned; +2,785|7066

haha. all we heard was how strong these countries economies are. appears they were fragile at best. paper tigers ftl.

2008-11-13 04:21:43

#5

max: Vela Incident; +1,652|6872|NYC / Hamburg

No surprise there. The government is actively destroying any profitable businesses they have

_{once upon a midnight dreary, while i pron surfed, weak and weary, over many a strange and spurious site of ' hot xxx galore'. While i clicked my fav'rite bookmark, suddenly there came a warning, and my heart was filled with mourning, mourning for my dear amour, " 'Tis not possible!", i muttered, " give me back my free hardcore!"..... quoth the server, 404.}

2008-11-13 04:23:09

#6

Dilbert_X: The X stands for; +1,817|6411|eXtreme to the maX

AussieReaper wrote:
Our economy looks like it will very narrowly miss a recession, but only because we've been able to ride a mineral boom and export coal\uranium\whatever else like crazy to the Chinese.

Don't count on anything.
They could stop their expansion tomorrow, and mineral prices have already started collapsing with a long way to go.
Even with the boom our current acct deficit is horrible, without it we're screwed.

Digging dirt out of the ground and putting it on boats for the Japanese and Chinese to add value is not a long term plan.

Fuck Israel

2008-11-13 04:26:34

#7

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6457|what

Dilbert_X wrote:
AussieReaper wrote:
Our economy looks like it will very narrowly miss a recession, but only because we've been able to ride a mineral boom and export coal\uranium\whatever else like crazy to the Chinese.
Don't count on anything.
They could stop their expansion tomorrow, and mineral prices have already started collapsing with a long way to go.
Even with the boom our current acct deficit is horrible, without it we're screwed.

Digging dirt out of the ground and putting it on boats for the Japanese and Chinese to add value is not a long term plan.

Yeah I agree, the only reason China isn't in a recession themselves, is as I said because they are too large to feel one unless it's a very hard hitting recession.

I don't think there's anywhere that is safe, tbh.

Banks everywhere have borrowed or loaned from each other, globally.

2008-11-13 04:31:22

#8

Dilbert_X: The X stands for; +1,817|6411|eXtreme to the maX

as I said because they are too large to feel one unless it's a very hard hitting recession

Well the US is big and they're feeling it.

Don't forget China is still more or less a command economy. If they decide they've had enough growth for now they'll turn the taps off.

Thankfully Australian banks have been relatively cautious, and aren't too exposed.

Fuck Israel

2008-11-13 04:33:29

#9

AussieReaper: ( ͡° ͜ʖ ͡°); +5,761|6457|what

We were also lucky that we had a such a budget surplus (cause the GST is such a fat little money maker). But there's not much left of it now.

2008-11-13 04:35:20

#10

Dilbert_X: The X stands for; +1,817|6411|eXtreme to the maX

The states are going to need that entire budget surplus to bail them out this year.
Next year it'll be a deficit.

Fuck Israel

2008-11-13 05:54:51

#11

ATG: Banned; +5,233|6834|Global Command

max wrote:
No surprise there. The government is actively destroying any profitable businesses they have

There's a lot of that going around.

2008-11-13 05:56:22

#12

FatherTed: xD; +3,936|6805|so randum

usmarine wrote:
haha. all we heard was how strong these countries economies are. appears they were fragile at best. paper tigers ftl.

to be fair, Germany has for quite a long time been uber (get it!) strong economically.

General (honest) question, is a 0.25% drop big/bad etc?

Small hourglass island
Always raining and foggy
Use an umbrella

2008-11-13 06:11:31

#13

CameronPoe: Member; +2,925|6860

Sweet. When it bottoms out I'm gonna buy me a block of apartments in Berlin!!

2008-11-13 11:35:33

#14

Mekstizzle: WALKER; +3,611|6926|London, England

max wrote:
No surprise there. The government is actively destroying any profitable businesses they have

Don't forget the Turks, you haven't started yelling at the Turks yet

2008-11-13 11:38:41

#15

jord: Member; +2,382|6983|The North, beyond the wall.

Yyyyyyyyyyyyyyyyyeeeeeeeeeeeeeeessssssssssssssssssssss

2008-11-13 11:45:07

#16

Bertster7: Confused Pothead; +1,101|6886|SE London

Scorpion0x17 wrote:
ELITE-UK wrote:
http://news.bbc.co.uk/1/hi/business/7726162.stm

'Germany has entered a recession after government figures showed that the country's economy contracted by 0.5% in the third quarter.'

The UK is next.
What do you mean next???

(yeah, ok, I know, it's not a 'recession' until it's been for X number months...)

Where X=6.

Two consecutive quarters.

2008-11-13 11:47:46

#17

max: Vela Incident; +1,652|6872|NYC / Hamburg

Mekstizzle wrote:
max wrote:
No surprise there. The government is actively destroying any profitable businesses they have
Don't forget the Turks, you haven't started yelling at the Turks yet

I like the turks

_{once upon a midnight dreary, while i pron surfed, weak and weary, over many a strange and spurious site of ' hot xxx galore'. While i clicked my fav'rite bookmark, suddenly there came a warning, and my heart was filled with mourning, mourning for my dear amour, " 'Tis not possible!", i muttered, " give me back my free hardcore!"..... quoth the server, 404.}

2008-11-13 11:49:36